According to the Articles of Association, Metso has one auditor, which must be a firm of public accountants certified by the Finnish Central Chamber of Commerce. The Board’s Audit Committee prepares the auditor selection process. Since 2008, the policy when electing the auditor has been that the aggregate duration of the consecutive terms of a principal auditor may not exceed seven years. This means that Metso’s principal auditor Roger Rejström can act in that capacity no later than for the audit of financial period 2019. There are no term limits regarding the duration of the auditing firm.
The auditor’s statutory obligation is to audit the company’s accounting, the Board of Directors’ report, financial statements and administration for the financial year. The parent company’s auditor must also audit the consolidated financial statements and other mutual relationships between Group companies.
In conjunction with our annual financial statements, the auditor gives Metso’s shareholders an Auditor’s Report as required by law. The auditor reports primarily via the Audit Committee and at least once a year to the Board. The Audit Committee evaluates the performance and services of the independent auditors each year and decides if there is a need to arrange an open tender process.
The Audit Committee decided in autumn 2011 to invite tenders for Metso’s auditor. As a result, the spring 2012 Annual General Meeting of Shareholders elected Authorized Public Accountant Ernst & Young Oy as the auditor, with Roger Rejström as principal auditor. Our auditor was last put out to tender in 2004. The fees related to auditing work in 2012 amounted to EUR 2.3 million.